Not the BSV article I was going to post a week or so back (gotten lazy and haven’t finished it off). This is just a link to someone else’s work.

A couple weeks back I wrote ‘UTXO and Other Blockchains‘ and mainly expanded on the difference between UTXO and ‘State’ based blockchains, and touched on a couple more.

Basically all the blockchains in the world are either clones or forks of BitCoin, clones or forks of Ethereum or clones and forks of Monaro… or so I thought. One chain that I mentioned in the UTXO post was Solana, which among a few other observations I had this to say:

“There was lots of excitement about Solana just prior to the May crypto catastrophe, that prompted me to take a quick look at it. Firstly it is a ‘gossip database’ which although more effective than a simple state based machine like ETH, still requires centralised processors (that they refer to as towers) in order to maintain the network – which like most of these ponzi tokens is a simple POS model, meaning they are a security under the Howey Test.”

– Lord Stewie, smitter of W@ffle

Anyhow, I came across ‘Zeme Gaoson’s’ blog post which illuminated a few aspects of Solana that had previously been a bit hazy. It shone enough light on the coin that I thought it worth sharing for those interested in types of crypto.

Basically the TLDR observations of the article are:

  1. Despite its claim of being ‘Proof of History’ PoH, Solana is really PoS, due to the fact that a ‘Leader’ must be elected (these are the ‘towers’ I mentioned, I think I erroneously used Cardano’s terminology) in order to provide the grounding hash for each PoH sequence that forms the basis of its blockchain . Basically election of a ‘leader’ = PoS
  2. Solana does not use UTXO however it can still scale massively compared to ETH. Although it avoids the global account problem of Ethereum, it manages data using an account-based model, which is both advantageous and limiting. The benefit of ‘Proof of History’ is similar to UTXO in that it allows massive parallelization and therefore scaling, but this comes at a cost of difficulty in achieving a global state.

As I mentioned Solana is basically a gossip database, it ‘blockchains’ this database by introducing a chain called ‘proof of history’ which allows parallelization, like UTXO, however, unlike UTXO a Global State is NEVER achieved:

“The fact that Solana does not use UTXO has vastly important implications. First, it means that parallelization is not at the fundamental ‘asset’ level, but rather at a higher ‘transaction’ level. As a result, there is no intrinsic baseline truth in Solana as there is with Bitcoin blockchain. At a specific point of time…”

– Zeme Gaoson

This has significant implications for the ability to execute smart contracts, as well as the inter-operability of different sectors of the Solana network, without expending significant effort on synchronizing the network, something that appears to have been behind the destablising crashed I noted previously in the UTXO story.

Anyhow if this is something that interests you enough to read beyond my TLDR summary (which in itself was probably TLDR), then without further delay here is the link

5 1 vote
Article Rating
Newest Most Voted
Inline Feedbacks
View all comments

Much obliged Lord Stewie Smitter of W@ffle.


A bit off topic but not completely.
Re-post from weekend links.

Any views on Bitcoin anyone?
For now it seems to be stuck in some weird consolidation pattern.
Technically it should still go up to ~T45k region.
If it keeps going down from here without any major up move first would shatter confidence I think.

After topping in 2013 and 2017 it took more than a year to bottom out with massive percentage swings in between.

At the moment there still seems to be strong support at ~T30k:

Screen Shot 2021-07-03 at 13.57.15.png

Michael Saylor’s MicroStrategy is up 70% since May.

TradingView has this to say about MSTR:
“MicroStrategy, Inc. engages in the provision of enterprise analytics and mobility software. The firm designs, develops, markets, and sells software platform through licensing arrangements and cloud-based subscriptions and related services.”
Does it still do any of this? At this point it’s more a leveraged YOLO Bitcoin fund.

Binance is in the cross hairs of regulators, how long can they keep running from country to country?

Binance is the largest cryptocurrency exchange in the world and ~4x larger by volume than number two.
Being scrutinised by regulators in:
And not allowed to operate in Cayman Islands.
That’s big I think, if you can’t even set up there.
Red flags all over the place.

But nice to know that Binance founder Changpeng Zhao is good at making friends and will end up on his feet soon, or knees…:

Screen Shot 2021-07-03 at 11.55.19.png
Last edited 2 years ago by BING!

Yah, just read it, it’s purely a crypto-to-crypto exchange and doesn’t handle fiats directly.

They were expecting a $500 million profit for 2018, not bad.
But maybe they should call it a 500 million Tether profit?

How would they turn their Tether profit into ‘real’ dollars though if they wanted or needed? They can’t use their own exchange. So they will have to turn Tether into Bitcoin and then sell that Bitcoin on a crypto-to-fiat exchange?

Maybe also a reason why they prefer to distribute profits in their own BSB crypto currency, and even: ‘offers employees to get paid in BSBs’. Pretty smart…

Also they have never been authorised to operate in Malta.

Why do these people seem to be caught up in so many lies?


That’s what it looks like for sure.


I’m just surprised knowing Bitcoin’s volatility it seems to be suspended in this range for this long.

It’s waiting for something…

BOO! 👻

Or the jig is up: the big money can’t sell because not enough dollar liquidity and for some strange reason they don’t want Tether.
And nobody is buying because they want to find out what is happening with regs first.
In the meantime price is going nowhere.

If it does eventually move it could be a big one.


It’s sad watching you waste your life on this nonsense Stewie

all of this is irrelevant

the only thing that matters , with regards to making money from a Ponzi scheme, is psychology


Who cares if people walk into a disaster as a result of their own greed ?

not very libertarian of you

Stewie tha limp dick cuck

Libertarian? You’re more lesbian than libertarian with that T count of yours, ya cuck 😂


Here we go:

Barclays Bank UK stopping payments to Binance.

This was always the easiest way to do it, stop transfers to and from regular bank accounts to crypto exchanges.

Screen Shot 2021-07-06 at 14.59.47.png